German Q1 GDP Growth Weakest in 1-1/2 Years

The German economy expanded a seasonally-adjusted 0.3 percent on quarter in the three months to March 2018, following a 0.6 percent growth in the previous period and missing market expectations of 0.4 percent, a preliminary estimate showed. It was the slowest pace of expansion since the third quarter of 2016, when growth was also 0.3 percent.

Still, it was the 15th consecutive quarter of growth, making this Germany's longest upswing since 1991. Positive contributions were made by domestic demand, driven by fixed capital formation, especially in construction but also in machinery and equipment. Also, households slightly increased their final consumption expenditure at the beginning of the year.

Government final consumption expenditure, however, decreased for the first time in just under five years and had a downward effect on economic growth. Also, according to provisional calculations, development of foreign trade was less dynamic because both exports and imports decreased on the previous quarter.

Year-on-year, the economy expanded a calendar-adjusted 2.3 percent in the first quarter, easing from a 2.9 percent growth in the previous three-month period and missing market expectations of 2.4 percent. On an unadjusted basis, the GDP rose by 1.6 percent, also below market consensus of 1.8 percent.

Destatis l Rida | rida@tradingeconomics.com5/15/2018 9:59:34 AM

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